The Discover® Student Mix Tape Card has an interesting beginning. The design of the card came from a student, Rainna Langley, who entered a contest Discover was holding through their Facebook account. The contest invited students to make up a design for this new creative credit card offer. They received over 6700 entries, with Langley’s classic cassette mixtape design winning the contest and taking the $1000 prize.
Discover increased their number of online fans by around 25 percent due to this contest. When they posted the list of finalists, more than 200,000 of their Facebook fans voted for their favorite. Other top vote getters received awards of anywhere from 50 to 500 dollars.
The new Discover® Student Mix Tape Card only requires a student to have fair credit to obtain one. There is no annual fee for the card and it offers zero percent interest for the first six months on purchases. It also offers a 5 percent Cashback Bonus on things like gas, restaurants, and groceries, as well as a 5 to 20 percent Cashback Bonus for purchases made through their exclusive online shopping site. All purchases qualify for up to a one percent Cashback Bonus.
The card allows students to build up their credit history and is easy to manage online with the account management tools that are provided. It also has a zero dollar fraud liability guarantee, meaning the student will not have to worry about paying for any fraudulent charges. The interest rate after the introductory period is from 13.99% to 20.99% variable * with a 9 month*, although the default rate can be up to 25.99. There is a $10 minimum cash advance with a 5 percent cash advance fee and a .50 minimum finance charge with an APR of 23.99% on cash advances.
Discover offers a number of other student credit cards all with similar terms and benefits, including Discover® Student Card-Clear, Discover® Open Road Card (SM) For Students, Discover® Student Card – Tropical Beach, and Discover® Student Card – Monogram Collection.
The most comparable card by another company is probably the Citi mtvU Platinum Select Visa Card for college students. While it also offers an introductory zero percent APR, their introductory term can go up to seven months, but this will be based on the students credit history and application. It also has a rewards program, but rather than cash back they have a Thank You points program.
One Thank You point is earned for every dollar spent, and five Thank You points are earned for purchases made at bookstores, video rental stores, record stores, restaurants, and movie theaters. They also offer 25 Thank You points to the student every month for paying their bill on time and not exceeding their credit limit. Students can also earn up to 2000 Thank You points two times per year by maintaining a good GPA. Points can be used for things like music, gift cards, and travel. There is no annual fee for the Citi mtvU Platinum Select Visa Card for college students, and the APR can be as low as 17.24 percent.
The Citi Forward Card for college students also offers up to 7 months of no interest on purchases with rewards for good behavior. The card also converts to a 17.24 percent rate after the introductory period, but the APR can be reduced by up to 2 percent when students make purchases and stay under their credit limit and make on time payments for three months in a row. It also offers the same basic Thank You points system as the Citi mtvU Platinum Select Visa Card for purchases, but also offers 3500 points should a student spend over $250 within the first 3 months and 2500 points for requesting paperless statements within the first 3 months.
Capital One also offers a student credit card called the Capital One Student Rewards Credit Card, but there is not much of a comparison to the new Discover Mix Tape Student Card. It offers one percent cash back on all purchases, with 2 percent back on cell phone bills, entertainment, books, and restaurants, and there is also no annual fee for the card. The interest rate starts at 13.99% to 20.99% variable* with a 6 month 0% introductory offer on purchases.
* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Here” button, you can review the credit card terms and conditions on the issuers website.
